Allianz firms up restrictions on coal, oil sands business
Companies building new coal-fired power plants usually have no insurance coverage. Companies should be excluded beforehand if they generate at least 25% of their electricity from coal and operate at least five gigawatts of installed coal-fired power plant capacity. According to the revised criteria, one of these two criteria is sufficient to be excluded The second of the new rules will have a significant impact on Allianz's business relationship with Sev.en, an energy company in the Czech Republic, according to the Urgewald environmental protection group. Sev.en operates what Urgewald describes as "two particularly dirty coal-fired power plants", each 40 to 50 years old. Sev.en has a coal share in electricity generation of well over 50%, but has an installed capacity of less than five gigawatts. According to the old Allianz criteria, the company would still be insurable. According to the new criteria, it will not be. Allianz's Czech subsidiary announced Thu...